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TEXTILE CONCERN RAISES EARNINGS

Indian Head Mills, Inc., in­creased its earnings in the three and six months ended May 30, on record sales for the periods. James E. Robinson, president of the textile company, also an­nounced yesterday the election of Monroe Chappelear as a di­rector. Mr. Chappelear recently retired as a senior vice president of the Prudential Insurance Company of America.

For the second fiscal quarter endec with May, sales rose 10 per cent to $41,411,000 from $37,667,000 in the 1963 period. Net income was $829,000, or 35 cents a common share, against $793,000, or 33 cents a share.

Mr. Robinson noted that Fed­eral and foreign income taxes this year were provided at the full 50 per cent corporate rate and amounted to $830,000 in the second quarter. This was in contrast to $160,000 last year, when the effective tax rate was only 17 per cent because most of the nonoperating profit in that period was not subject to tax.

Sales and operating revenues for the six months to May 31 rose to $80,585,000 from $72,­995,000 last year. Net profit was $1,334,000, or 55 cents a common share, against $1,243,­000, or 50 cents a share, in the prior year's period. Provision for taxes totaled $1,330,000 more than double the $570,000 tax bill a year ago.

The profit excludes a non­recurring capital gain of $345,­000, or 27 cents a share, from the sale of the Blaisdell division to Ginn & Co.

Because of a change in the fiscal year, exact comparisons are not available, Bennett Cerf, president, said. However, for the 11 months to March 31, the company earned $457,524, equall to 36 cents a share, on sales of $23,769,168.

The company also reported a net loss of $14,000 on sales of $6,609.000 for the March quar­ter. Comparative figures are not available.

Swedish Ball Bearing Co.

Aktiebolaget Svenska Kulla‐gerfabriken, known here as the Swedish Ball Bearing Company, attained record sales last year despite a sharp declipe in net income.

The company, the largest ex­porter of ball and roller bear­ings, cleared $25,351,873 on sales of $490,282,334, according ta reports received here. This compares with $30,171,783 on sales of $479,085,692 in 1962.